1. Cut down on monthly expenses

Sad woman with receipt from store, family brought food home. Focus on woman
Iakov Filimonov / Shutterstock

Start by making a list of your monthly bills and expenses to find areas where you can cut costs.

With a little comparison shopping, you may be able to save $1,000 per year on homeowners insurance. Many people are also overpaying for auto insurance because they don’t think to check.

You can also save a surprising amount on food by preparing your meals at home rather than ordering in. And, download a special browser add-on that will help you find coupons and better prices every time you shop online.

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2. Broaden your job search

If you work in an industry that’s been hit particularly hard by the pandemic, your prospects may seem grim.

You should consider looking for work outside of your chosen field if you’ve been coming up short with your usual search terms.

The idea of stepping out of your comfort zone may be daunting, but you could be qualified for all kinds of jobs you aren’t aware of. Certain job boards will even use AI technology to match you to new and interesting positions based on your skill set and experience.

3. Make extra cash with a side gig

Top view of young busy worker typing on laptop
Roman Samborskyi / Shutterstock

While you’re looking for your next full-time position, you can bring in a bit of extra money by picking up a side gig. Digital marketplaces will match you with eager buyers all over the country.

Another option to bring in some quick cash is to sign up for an online rewards program. You can earn money and gift cards by completing simple tasks like filling out surveys, watching videos and even playing games on your smartphone.

During times like this, every little bit helps.

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4. Consolidate your credit card bills

If you’ve got high balances on multiple credit cards, trying to make minimum payments every month is hard without steady income.

One option that may help is a debt consolidation loan with a lower interest rate. You’ll be able to pay off all your existing debt immediately and only have a single monthly payment to worry about.

5. Refinance your mortgage

row of older houses in American suburb
Spiroview Inc / Shutterstock

Because mortgage rates cratered during the pandemic, homeowners need to take a closer look at refinancing.

More than 19 million homeowners have the potential to cut their monthly payments by more than $300, says the mortgage technology and data provider Black Knight.

Rates can vary wildly from one lender to the next, so be sure to shop around and compare a minimum of five quotes to get the best rates.

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About the Author

Ethan Rotberg

Ethan Rotberg

Former Reporter

Ethan Rotberg was formerly a staff reporter at MoneyWise. His background includes nearly 15 years as a writer, editor, designer and communications professional. He loves storytelling, from feature writing to narrative podcasts. His work has appeared in the Toronto Star, CPA Canada and Metro, among others.

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Disclaimer

The content provided on MoneyWise is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter.